Most lenders charge an interest rate of between 9% and 11% p.a. on loans taken against LIC life insurance policies. Documents Required to Borrow a Loan LIC offers loans against its policies at 10% a year. The interest is payable every six months. The interest rate on loan against an LIC policy was 9% a year ago. 12 Aug 2018 The current LIC policy loan interest rate is in the range of 10-12%. Given that the loan taken against the policy is secured by the LIC policy itself, 4 Sep 2019 Interest rates charged by insurance companies on loans taken against their life insurance policies are generally lower than those charged on 4 Sep 2019 Interest rates charged by insurance companies on loans taken against their life insurance policies are generally lower than those charged on 9 Sep 2016 The rate of interest is declared by LIC every year and may vary according to plan. As I understand, the prevailing interest rate is 10.5% per annum
LIC charges an interest rate from 9% to 11% on a loan. Also, the interest on the loan has to be paid semi-annually that is twice a year. Loan Amount: The maximum loan amount that can be availed depends on the surrender value of the said policy. LIC offers low interest rates on its personal loans. Usually, banks charge interest somewhere between 12%-24% for personal loans. But, LIC charges interest rates that are close to 9%. This makes it a better choice when compared to all the other unsecured loan options from banks.
LIC easily allows loans to policyholders for up to 90% of the surrender value of the policy, including cash value of bonus. The only condition is that the policy need to be assigned in favour of the LIC. The interest rates charged by LIC are less than the interest rates charged on loan against public provident fund scheme. Under the PPF scheme LIC Housing Finance Home Loan Interest Rates. LICHFL offers home loans at attractive rates ranging from 8.40% to 8.50% p.a. The processing fee starts from Rs.10,000 and can go up to Rs.15,000 on the home loan, excluding GST. Rate of interest under LIC personal loan will be between 9-10%. Interest will be paid in half yearly mode. if you are unable to pay principal , pay only interest amount, when policy will mature, the principal amount will be deducted from maturity amount. How to apply for Personal Loan against LIC policy ? Most other loans offered follow the equated monthly installment schedule. Loan against LIC policy have flexibility in repayment schedule, the borrower can choose to pay only interest or both principal and interest or pay uneven installment. Lower rate of interest : Rate of interest against LIC policy is lower as compared to other types of loans.
A lower rate of interest is charged in comparison to a personal loan for loans against life insurance policy. Further, the policy value remains unchanged. However, Most banks have a separate policy for those who are going for a second house. The EMI of a floating rate loan changes with changes in market interest rates. Following Interest Rate factors to be added in ROI for all Term Loan Accounts Life Insurance Policies including Postal Life Insurance (LIP), MCLR + 1.00%. value of Life Insurance Policy. Nature. Overdraft/ Demand loan. Margin. 10% of the Surrender value of LIP. Interest rate. Competitive rate (subject to change). 24 जनवरी 2019 अगर आप LIC से लोन लेते हैं तो आपको लोन की ईएमआई LIC: Loan Against LIC Life Insurance Policy, LIC Policy Loan Interest Rate Rate of Interest. For rate of Interest click here. Share Linking, As per Bank rules. Security. Original Security Certificate against which loan facility use. Guarantee
LIC charges an interest rate from 9% to 11% on a loan. Also, the interest on the loan has to be paid semi-annually that is twice a year. Loan Amount: The maximum loan amount that can be availed depends on the surrender value of the said policy. LIC offers low interest rates on its personal loans. Usually, banks charge interest somewhere between 12%-24% for personal loans. But, LIC charges interest rates that are close to 9%. This makes it a better choice when compared to all the other unsecured loan options from banks. LIC Policy Loan Interest Rate The current LIC policy loan interest rate is in the range of 10-12%. Given that the loan taken against the policy is secured by the LIC policy itself, interest rates on such loans are quite low and hence, make them an attractive personal loan option. The loan can be availed only after you have paid premium for three years. The maximum loan amount is 90% of the Surrender Value (85% in case of paid up policies) of the policy at the time of making application. LIC New Jeevan Anand acquires Surrender Value only after 3 years. LIC charges an interest rate from 9% to 11% on loan. Also, the interest on the loan has to be paid twice a year. The amount of loan that the policyholders can borrow depends on the surrender value of the LIC policy. Usually, the loan amount goes up to 90% of the policy value. For paid-up policies, this amount is 85%.